However, In light of China's ICOs trials: immediate customer payback has been ordered and ICOs have been outlawed. The way I see it, this could either cause more drop in the crypto market overall as money is syphoned out to cover paybacks or the money has already been syphoned out in preparation for paybacks meaning room to grow as customers re-invest into existing crypto. I have since changed my position from long to neutral and set buy/sell stops.
BTC still seems to dictate the market for the majority of alt-coins. This correction ending or extending should spark similar reaction in most crypto. I'm keeping an eye on BTC to decide what to do with my alts.
Please let me know if you see anything different or know something I did not account for.
Stop buy will be set to 4600 with a stop loss set to 4100. Hopefully this covers either scenario.
Extended wave ((C)) 5th leg. Makes more sense this way, I didn't like the way i counted it the first time anyway. I was about to throw in the towel on this TA until i realized that was probably ((C)) last leg down. I'm going long if downtrend is broken around 4350 region. Waves 3 and 5 of ((C)) also make a possible double bottom reversal pattern.
Buys @ 4350
Stop loss @ 4175